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What you didn't do could hurt you when buying a home in Beaverton, Oregon

What you didn't do could hurt you when buying a home in Beaverton, Oregon

I love it when a buyer calls me and says "I found a home on your site and I want to put in an offer today!" Then I ask the questions that need to be ask to qualify a buyer and more often than not, when I get this call the buyer hasn't even called a lender. But, if they have, they usually only have a "Pre-Qualified" letter rather than the stronger "Pre-Approval" letter.

Get a pre-approval today before you look for a home

Now, when I get these calls it is usually because a buyer is wanting save money and get a great deal. They are usually looking at foreclosures (bank owned) properties that give them the most home for the money. When buying any home, the seller is looking for the strongest buyer and one way to make sure you are the best and strongest buyer with the best negotiating ability, you need to have all your ducks in a row. The best way to do that is have a strong "Pre-Approval" letter from a great preferred lender which any great agent should be able to give you a list of. (These are lenders that the agent has worked with before and know that when they promise something they will deliver and also close on time)

What is the difference? when you get Pre-Qualified you are usually just filling out some basic information on a website or telling a mortgage banker/broker on the phone what you make per year and what your debts are and then the lender says "Based on that, we can give you a loan for $_________" But, a Pre-Approval means they are actually pulling your credit, looking at your taxes, bank stayments and even your paystubs and gives you an actual number that that you qualify for and even good faith estimate of the interest rate you would be paying. Now surprises later that you can't afford a home in a certain price range or can't even get a loan. How upsetting would it be to you if you found your dream home and your lender came back and said "Sorry, we didn't know about this and we can no longer give you a loan.

If you were a seller looking at two, three or even ten offers (which often happens with Beaverton foreclosures) what offers would you look at? The one with no letter, the one with the pre-qualification or the pre-approval letter from their lender? I know when I get multi-offers on my listings I instruct my sellers to really only look at those buyers with pre-approval letters, because you know then all you have to worry about is the inspection and appraisal and those are both things a seller can negotiate. (You can't negotiate with a buyer that can't get a loan)

Now that you are "Pre-Approved" don't make the next mistake that could hurt you when buying a home. That mistake that is also often made by buyers is when they have been pre-approved and are ready to go and find the home of their dreams they say those famous words "Let us sleep on it". These few words have lost more great homes for buyers than I think any other single phrase in real estate. 

If you find the home you love, don't hesitate, don't sleep on it, don't ask to see other homes, don't delay or your home will be someone elses, especially in this market where savvy buyers are snapping up the deals in hours rather than months. There are lots of homes that are on the market for months, but they aren't the deals, they are full priced homes on the market and if you look what they listed for and what they finally sold for, there is usually a huge discrepancy. But, if you look at the ones that are priced right, they are sale pending usually 1-2 days. 

For more advice from experienced agents that want to help you find the home for you, then give Todd Clark and the Friendly Home Team a call at 503-524-9494 or email me at at and we will get you in contact with a great lender and get you on the road to home ownership. Let us help you do the things you need to do before and during the home buying process to successfully buy a home in today's market because "What you didn't do could hurt you when buying a home in Beaverton, Oregon"

Respect Realty LLC (Expect More)


At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.


Reach out today, we look forward to talking with you!


Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)



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Comment balloon 13 commentsRespect Realty LLC • January 07 2012 06:39PM


Todd ~  This is an excellent post and of course, excellent advice.  It is a red flag for me if the buyer does not follow my advice and get a pre-approval from a "preferred" lender.  

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) about 7 years ago

I'm not sure if they don't know that they're supposed to talk to a lender before putting an offer in, or if they're just "excited" because they saw the "perfect" house online. Follow the correct steps and things will work out much better.

Posted by Eric Michael, Metro Detroit Real Estate Professional 734.564.1519 (Remerica Integrity, Realtors®, Northville, MI) about 7 years ago

A good offer means nothing if the buyer can't close.  A good listing agent knows that a solid pre-approval letter is an important component in the offer.  It's important for the buyer, buyer's agent, and loan originator to work together as a team.

Posted by Rick Obst about 7 years ago

This is as plain as possible to explain how it is and how it needs to be!

Posted by Rob D. Shepherd, Principal Broker GRI, SRES (Windermere/lane county) about 7 years ago

Hi Todd - A perfect explanation of why it is critical for a buyer to get a preapproval letter before looking for their new home.  I our area, many - if not most - sellers require it before they will consider an offer.

Posted by Susan Neal, Fair Oaks CA & Sacramento Area Real Estate Broker (RE/MAX Gold, Fair Oaks) about 7 years ago

Todd, this is excellent advise for buyers in any market, I'm both clicking suggest and reblogging this one. It is a great post. 

Posted by Erna Neal, A Knowledgable Central Florida Realtor (The Viking Team, Realty) about 7 years ago

Todd:  This is a great way to approach a sensitive subject that many potential home buyers want to ignore!  

Posted by Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula, Realty Works Temecula (Realty Works Temecula) about 7 years ago

Todd, it is sometimes frustrating to have a buyer come in with their preferred lender and it's not a lender that has a strong presence. Very difficult to stay involved and stay out of trouble by trying to re-direct them to a preferred lender.

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) about 7 years ago

Hi Todd....Great information for Beaverton Consumers, you certainly are the Real Estate expert in Beaverton OR

Posted by Fred Carver Personal Real Estate Corporation, Accredited Real Estate Consultant (RE/MAX Camosun Victoria BC Real Estate) about 7 years ago

Todd: Great explanation of the difference between the Pre-Qual and the real deal. Also, sleeping on it, thinking it over, etc. has lost many an eager beaver a great deal.  

Posted by Anne M. Costello (Weidel Realtors) about 7 years ago

Todd-Buyers in Beaverton listen up this is how it's done, if you're looking for a deal make sure you put your best foot forward by having all your ducks in a row.



Posted by Adrian Willanger, Profit from my two decades of experience (206 909-7536 about 7 years ago

Hey, Todd! 

I included this post in Last Week's Favorites.  Have a great week.

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 7 years ago

It is amazing how something so simple can lose you the home of your dreams. Patricia, thank you for including me in your weekly wrap-up.

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) about 7 years ago

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